FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1996
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[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
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Commission File Number: 0-16939
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
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Exact name of registrant as specified in charter
Colorado #84-1069504
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State of organization IRS employer I.D. #
9697 East Mineral Avenue, P. O. Box 3309, Englewood, Colorado 80155-3309
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Address of principal executive office
(303) 792-9191
-----------------------------------
Registrant's telephone number
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
ASSETS
------
June 30, December 31,
1996 1995
------------ -------------
CASH $ 115,174 $ 313,553
TRADE RECEIVABLES, less allowance for
doubtful receivables of $20,168 and $14,206 at
June 30, 1996 and December 31, 1995, respectively 136,835 226,616
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 11,091,155 15,532,204
Less - accumulated depreciation (4,965,192) (6,366,025)
----------- -----------
6,125,963 9,166,179
Franchise costs and other intangible assets, net of
accumulated amortization of $8,004,692 and $11,965,114
at June 30, 1996 and December 31, 1995, respectively 5,563,303 8,477,446
----------- -----------
Total investment in cable
television properties 11,689,266 17,643,625
DEPOSITS, PREPAID EXPENSES AND OTHER ASSETS 77,479 53,546
----------- -----------
Total assets $12,018,754 $18,237,340
=========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
June 30, December 31,
1996 1995
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LIABILITIES:
Credit facility and capitalized lease
obligations $ 7,104,450 $11,605,582
Accounts payable to Jones Intercable, Inc. 32,860 -
Trade accounts payable and accrued liabilities 322,725 446,688
Accrued distributions to partners 315,657 315,657
Subscriber prepayments and deposits 50,383 51,473
------------ -----------
Total liabilities 7,826,075 12,419,400
------------ -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner -
Contributed capital 1,000 1,000
Distributions (97,638) (91,324)
Accumulated deficit (91,450) (71,634)
------------ -----------
(5,188) (161,958)
------------ -----------
Limited Partners -
Contributed capital, net of related commissions, syndication
costs and interest (51,276 units outstanding at
June 30, 1996 and December 31, 1995) 21,875,852 21,875,852
Distributions (14,666,180) (9,041,180)
Accumulated deficit (3,011,805) (6,854,774)
------------ -----------
4,197,867 5,979,898
------------ -----------
Total partners' capital (deficit) 4,192,679 5,817,940
------------ -----------
Total liabilities and partners'
capital (deficit) $ 12,018,754 $18,237,340
============ ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
3
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
For The Three Months For The Six Months
Ended June 30, Ended June 30,
------------------------ ------------------------
1996 1995 1996 1995
----------- ----------- ----------- -----------
REVENUES $1,345,478 $1,721,473 $3,098,968 $3,373,938
COSTS AND EXPENSES:
Operating expenses 847,840 795,688 1,765,501 1,665,010
Management fees and allocated administrative
costs from the General Partner 165,833 205,294 372,745 427,967
Depreciation and amortization 422,817 795,271 1,140,399 1,591,419
---------- ---------- ---------- ----------
OPERATING LOSS (91,012) (74,780) (179,677) (310,458)
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (47,698) (235,940) (300,656) (447,423)
Gain on sale of cable television system 4,550,867 - 4,550,867 -
Other, net (64,422) (5,869) (64,481) (4,804)
---------- ---------- ---------- ----------
NET INCOME (LOSS) $4,347,735 $ (316,589) $4,006,053 $ (762,685)
========== ========== ========== ==========
ALLOCATION OF NET INCOME (LOSS):
General Partner $ (166,501) $ (3,166) $ (163,084) $ (7,627)
========== ========== ========== ==========
Limited Partners $4,181,234 $ (313,423) $3,842,969 $ (755,058)
========== ========== ========== ==========
NET INCOME (LOSS) PER LIMITED
PARTNER UNIT $ 81.55 $ (6.11) $ 74.95 $ (14.73)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
LIMITED PARTNER UNITS
OUTSTANDING 51,276 51,276 51,276 51,276
========== ========== ========== ==========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
----------------------------------
For The Six Months
Ended June 30,
--------------------------
1996 1995
------------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 4,006,053 $ (762,685)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 1,140,399 1,591,419
Gain on sale of cable television system (4,550,867) -
Decrease (increase) in trade accounts receivable, net 89,781 (25,824)
Decrease (increase) in deposits, prepaid expenses and
other assets (61,666) 12,306
Decrease in trade accounts payable and accrued
liabilities and subscriber prepayments
and deposits (125,053) (98,316)
Increase (decrease) in advances from Jones Intercable, Inc. 32,860 (30,260)
------------ ----------
Net cash provided by operating activities 531,507 686,640
------------ ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (655,774) (629,643)
Proceeds from sale of cable television system 10,058,334 -
------------ ----------
Net cash provided by (used in) investing activities 9,402,560 (629,643)
------------ ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in accrued distributions - 312,500
Distributions to partners (5,631,314) (625,000)
Repayment of borrowings (10,031,644) (28,546)
Proceeds from borrowings 5,530,512 254,999
------------ ----------
Net cash used in financing activities (10,132,446) (86,047)
------------ ----------
DECREASE IN CASH (198,379) (29,050)
CASH, AT BEGINNING OF PERIOD 313,553 171,944
------------ ----------
CASH, AT END OF PERIOD $ 115,174 $ 142,894
============ ==========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest Paid $ 345,853 $ 465,037
============ ==========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
5
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
---------------------------------------
(1) This Form 10-Q is being filed in conformity with the Securities and
Exchange Commission requirements for unaudited financial statements and does not
contain all of the necessary footnote disclosures required for a fair
presentation of the Balance Sheets and Statements of Operations and Cash Flows
in conformity with generally accepted accounting principles. However, in the
opinion of management, this data includes all adjustments, consisting only of
normal recurring accruals, necessary to present fairly the financial position of
Jones Spacelink Income/Growth Fund 1-A, Ltd. (the "Partnership") at June 30,
1996 and December 31, 1995, its results of operations for the three and six
month periods ended June 30, 1996 and 1995 and its cash flows for the six month
periods ended June 30, 1996 and 1995. Results of operations for these periods
are not necessarily indicative of results to be expected for the full year.
The Partnership, a Colorado limited partnership, was formed on May 12,
1988, pursuant to a public offering of limited partner interests. Jones
Intercable, Inc. ("Intercable", or the "General Partner"), a Colorado
corporation, is the general partner and manager of the Partnership. Intercable
and certain of its subsidiaries also own and operate cable television systems
for their own account and for the account of other managed limited partnerships.
The Partnership owns and operates the cable television systems serving the
areas in and around the communities of Bluffton, Decatur, Monroe, Auburn,
Butler, Uniondale, Waterloo and Garett, and the unincorporated areas of Wells,
Allen, Noble, Adams and DeKalb Counties, all in the State of Indiana (the
"Bluffton Systems"). The Partnership owned the cable television system serving
the communities of Lake Geneva and areas of Walworth County, (the "Lake Geneva
System") and the cable television system serving the communities of Ripon and
areas of Fond-du-Lac County (the "Ripon System"), all in the State of Wisconsin,
until their sale on April 11, 1996.
(2) On April 11, 1996, the Partnership sold to Jones Cable Holdings, Inc., a
wholly owned subsidiary of Intercable, the Lake Geneva System for a purchase
price of $6,345,667, subject to normal closing adjustments, and the Ripon System
for a purchase price of $3,712,667, subject to normal closing adjustments. The
purchase prices were determined by averaging three separate independent
appraisals of each of the cable television systems sold. No vote of the limited
partners of the Partnership was required in connection with these transactions
because the sales of the Lake Geneva System and the Ripon System, individually
and collectively, did not represent the sale of all or substantially all of the
Partnership's assets. Pursuant to the terms of an amendment to the Partnership's
credit agreement, the Partnership distributed $5,000,000 of the proceeds from
the sales of the Lake Geneva System and the Ripon System to the limited
partners, and the balance of the sale proceeds, approximately $5,058,000, was
applied to reducing the Partnership's outstanding indebtedness, which at June
30, 1996 totaled $7,104,450. The limited partners of the Partnership received,
in April 1996, approximately $98 per unit, or $195 for each $1,000 invested in
the Partnership. Limited partners of the Partnership have received a total of
$560 for each $1,000 invested in the Partnership taking into account the prior
distributions to limited partners. Because these distributions have not yet
returned to limited partners 100 percent of the capital contributed by them to
the Partnership plus their preferred return, the General Partner was not
entitled to receive a distribution on the sales of the Lake Geneva and the Ripon
System.
6
The pro forma effect of the sale of the Lake Geneva System and the Ripon
System on the results of the Partnership's operations for the six month periods
ended June 30, 1996 and 1995, assuming the transaction had occurred at the
beginning of the year, is presented in the following unaudited tabulation:
For the Six Month Period Ended June 30, 1996
---------------------------------------------
Pro Forma
As Reported Adjustments Pro Forma
------------ ------------ ----------
Revenues $3,098,968 $ (577,284) $2,521,684
========== =========== ==========
Operating Income (Loss) $ (179,677) $ 313,404 $ 133,727
========== =========== ==========
Net Income $4,006,053 $(4,120,966) $ (114,913)
========== =========== ==========
For the Six Month Period Ended June 30, 1995
--------------------------------------------
Pro Forma
As Reported Adjustments Pro Forma
------------ ------------ -----------
Revenues $3,373,938 $(1,001,761) $2,372,177
========== =========== ==========
Operating Loss $ (310,458) $ 322,261 $ 11,803
========== =========== ==========
Net Loss $ (762,685) $ 525,848 $ (236,837)
========== =========== ==========
(3) The General Partner manages the Partnership and receives a fee for its
services equal to five percent of the gross revenues of the Partnership,
excluding revenues from the sale of cable television systems or franchises.
Management fees paid to the General Partner by the Partnership for the three and
six month periods ended June 30, 1996 were $67,273 and $154,948, respectively,
compared to $86,073 and $168,697, respectively, for the three and six month
periods ended June 30, 1995.
The Partnership reimburses the General Partner for certain allocated
general and administrative expenses. These expenses represent the salaries and
related benefits paid for corporate personnel, office rent and related
facilities expense. Such personnel provide engineering, marketing,
administrative, accounting, legal and investor relations services to the
Partnership. Allocations of personnel costs are based primarily on actual time
spent by employees of the General Partner and certain of its subsidiaries with
respect to each partnership managed. Remaining expenses were allocated based on
the pro rata relationship of the Partnership's revenues to the total revenues of
all systems owned or managed by the General Partner and certain of its
subsidiaries. Included in the costs allocated from the General Partner and
certain of its subsidiaries are expenses allocated to the General Partner from
affiliated entities for information processing and certain other administrative
services. The General Partner believes that the methodology used in allocating
general and administrative costs is reasonable. General and administrative
expenses allocated to the Partnership by the General Partner were $98,560 and
$217,797 for the three and six month periods ended June 30, 1996, respectively,
compared to $119,221 and $259,270 for the three and six month periods ended June
30, 1995, respectively.
(4) A primary objective of the Partnership is to provide quarterly cash
distributions to the partners, principally from cash flow from operations
remaining after principal and interest payments and the creation of any reserves
necessary for the operation of the Partnership. The Partnership declared
distributions to be paid to the partners in the amount of $315,657 for each of
the quarters ended March 31, 1996 and June 30, 1996. The distributions were
primarily from the first and second quarter 1996 cash flows. The first quarter
distribution was paid in May 1996 and the second quarter distribution will be
paid in August 1996. Future distributions will be announced on a quarter-by-
quarter basis and no determination has been made regarding the level of future
distributions. The payment of quarterly operating cash flow distributions may
reduce the financial flexibility of the Partnership.
7
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
---------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
FINANCIAL CONDITION
- -------------------
It is the General Partner's publicly announced policy that it intends to
liquidate its managed limited partnerships, including the Partnership, as
opportunities for sales of partnership cable television systems arise in the
marketplace over the next several years. In accordance with this policy, the
Partnership sold the Lake Geneva System and the Ripon System in April 1996.
For the six months ended June 30, 1996, the Partnership generated cash from
operating activities totaling $531,507, which is available to fund capital
expenditures and non-operating costs. During the first six months of 1996, the
Partnership purchased plant and equipment for its cable television systems
totaling approximately $656,000. Approximately 38 percent of these expenditures
were for service drops to homes. Approximately 32 percent were for plant
extensions. The remainder of these expenditures were for various enhancements
throughout all of the Partnership's cable television systems. The capital
expenditures were funded primarily from cash flow from operations. Anticipated
capital expenditures for the remainder of 1996 are estimated to be approximately
$331,000, and will be financed primarily from borrowings from the Partnership's
credit facility. It is estimated that approximately 41 percent of these
expenditures will be for plant extensions and that approximately 39 percent will
be for service drops to homes. These capital expenditures are necessary to
maintain the value of the Bluffton Systems.
On April 11, 1996, the Partnership sold to Jones Cable Holdings, Inc., a
wholly owned subsidiary of Intercable, the Lake Geneva System for a purchase
price of $6,345,667, subject to normal closing adjustments, and the Ripon System
for a purchase price of $3,712,667, subject to normal closing adjustments. The
purchase prices were determined by averaging three separate independent
appraisals of each of the cable television systems sold. No vote of the limited
partners of the Partnership was required in connection with these transactions
because the sales of the Lake Geneva System and the Ripon System, individually
and collectively, did not represent the sale of all or substantially all of the
Partnership's assets. Pursuant to the terms of an amendment to the
Partnership's credit agreement, the Partnership distributed $5,000,000 of the
proceeds from the sales of the Lake Geneva System and the Ripon System to the
limited partners, and the balance of the sale proceeds, approximately
$5,058,000, was applied to reducing the Partnership's outstanding indebtedness,
which at June 30, 1996 totaled $7,104,450. The limited partners of the
Partnership received, in April 1996, approximately $98 per unit, or $195 for
each $1,000 invested in the Partnership. Limited partners of the Partnership
have received a total of $560 for each $1,000 invested in the Partnership taking
into account the prior distributions to limited partners. Because these
distributions have not yet returned to limited partners 100 percent of the
capital contributed by them to the Partnership plus their preferred return, the
General Partner was not entitled to receive a distribution on the sales of the
Lake Geneva System and the Ripon System. Refer to Note 2 of the Notes to
Unaudited Financial Statements for the pro forma effect of the sale of the Lake
Geneva System and the Ripon System on the results of the Partnership's
operations for the six month periods ended June 30, 1996 and 1995, assuming the
transaction had occurred at the beginning of the periods.
In March 1996, the Partnership amended its $14,000,000 credit facility such
that, on the date of the sale of the Lake Geneva System and Ripon System, the
amount of the credit facility decreased to $8,000,000. This credit facility
will have a final maturity date of December 31, 1997. At June 30, 1996,
$7,000,000 was outstanding leaving $1,000,000 available for liquidity needs of
the Partnership. Interest on the outstanding principal balance is at the
Partnership's option of the Prime Rate plus 1/4 percent or the London Interbank
Offered Rate plus 1-1/4 percent. The effective interest rates on outstanding
obligations as of June 30, 1996 and 1995 were 6.8 percent and 7.4 percent,
respectively.
A primary objective of the Partnership is to provide quarterly cash
distributions to the partners, principally from cash flow from operations
remaining after principal and interest payments and the creation of any reserves
necessary for the operation of the Partnership. The Partnership declared
distributions to be paid to the partners in the amount of $315,657 for each of
the quarters ended March 31, 1996 and June 30, 1996. The distributions were
primarily from the first and second quarter 1996 cash flows. The first quarter
distributions were paid in May 1996 and the second quarter distribution will be
paid in August 1996. Future distributions will be announced on a quarter-by-
quarter basis and no
8
determination has been made regarding the level of future distributions. The
payment of quarterly operating cash flow distributions may reduce the financial
flexibility of the Partnership.
The General Partner presently believes cash flow from operations and
available borrowings from the Partnership's revolving credit facility will be
sufficient to fund capital expenditures and other liquidity needs of the
Partnership over the near-term.
RESULTS OF OPERATIONS
- ---------------------
Revenues of the Partnership for the three months ended June 30, 1996
totaled $1,345,478 compared to $1,721,473 for the comparable period in 1995, a
decrease of $375,995, or approximately 22 percent. Revenues of the Partnership
decreased $274,970, or approximately 8 percent, to $3,098,968 for the six month
period ended June 30, 1996 from $3,373,938 for the comparable period in 1995.
These decreases were due to the sale of the Lake Geneva and Ripon systems.
Disregarding the effect of the Lake Geneva and Ripon systems sale, revenues
would have increased $70,879, or approximately 6 percent and $149,506, or
approximately 6 percent for the three and six month periods ended June 30, 1996
and 1995. Increases in the number of basic subscribers in the Partnership's
Bluffton systems accounted for approximately 92 percent and 83 percent,
respectively, of the increases in revenues for the three and six month periods
ended June 30, 1996. The number of basic subscribers in the Bluffton systems
totaled 14,318 at June 30, 1996 compared to 13,683 at June 30, 1995, an increase
of 635, or approximately 4 percent.
Operating expenses consist primarily of costs associated with the
administration of the Partnership's cable television systems. The principal
cost components are salaries paid to system personnel, programming expenses,
professional fees, subscriber billing costs, rent for leased facilities, cable
system maintenance expenses and consumer marketing expenses.
Operating expenses increased $52,152, or approximately 7 percent, to
$847,840 for the three months ended June 30, 1996 from $795,688 for the
comparable period in 1995. Operating expenses increased $100,491, or
approximately 6 percent, to $1,765,501 for the six month period ended June 30,
1996 to $1,665,010 for the comparable period in 1995. Disregarding the effect
of the Lake Geneva and Ripon systems sale, operating expenses increased $46,630,
or approximately 8 percent and $109,064, or approximately 9 percent for the
three and six month periods ended June 30, 1996 and 1995. These increases were
primarily the result of increases in programming costs and advertising costs for
the three and six month periods ended June 30, 1996 and 1995. No other
individual factor significantly affected the increase in operating expenses for
the periods discussed.
Management fees and allocated administrative costs from the General Partner
decreased $39,461, or approximately 19 percent, to $165,833 for the quarter
ended June 30, 1996 from $205,294 for the comparable period in 1995. These
decreases were primarily due to the decreases in revenues as a result of the
sale of the Lake Geneva and Ripon systems, upon which such fees are based.
Management fees and allocated administrative costs from the General Partner
decreased $55,222, or approximately 13 percent to $372,745 for the six month
period ended June 30, 1996 from $427,967 for the similar period in 1995.
Disregarding the effect of the Lake Geneva and Ripon systems sale, management
fees and allocated overhead to the General Partner decreased $6,100 and $190,
respectively, for the three and six month periods ended June 30, 1996 and 1995.
These decreases were primarily due to decreases in allocations from the General
Partner.
Depreciation and amortization expense decreased $372,454, or approximately
47 percent, to $422,817 for the quarter ended June 30, 1996 from $795,271 for
the comparable period in 1995. Depreciation and amortization expense decreased
$451,020, or approximately 28 percent, to $1,140,399 for the six month period
ended June 30, 1996 from $1,591,419 for the comparable period in 1995.
Disregarding the effect of the Lake Geneva and Ripon systems sale, depreciation
and amortization expense decreased $73,681, or approximately 17 percent and
$148,200, or approximately 17 percent for the three and six month periods ended
June 30, 1996 and 1995. These decreases were due to the maturation of the
Partnership's asset base.
Operating loss increased $16,232, or approximately 22 percent, to $91,012
for the three months ended June 30, 1996 from $74,780 for the comparable period
in 1995. Operating loss decreased $130,781, or approximately 42 percent, to
$179,677 for the six months ended June 30, 1996 from $310,458 for the similar
period in 1995. Disregarding the effect of the Lake Geneva and Ripon systems
sale, the Partnership reported operating income of $155,677 and $236,048 for the
three and six months ended June 30, 1996 compared to operating income of $51,647
and $47,216 for the similar 1995
9
period. These increases were the result of the increases in revenues and
decreases in depreciation and amortization exceeding the increases in operating
expenses and management fees and allocated administrative expenses from the
General Partner.
The cable television industry generally measures the financial performance
of a cable television system in terms of cash flow or operating income before
depreciation and amortization. The value of a cable television system is often
determined using multiples of cash flow. This measure is not intended to be a
substitute or improvement upon the items disclosed on the financial statements,
rather it is included because it is an industry standard. Operating income
before depreciation and amortization decreased $388,686, or approximately 54
percent, to $331,805 for the three months ended June 30, 1996 from $720,491 for
the comparable period in 1995. Operating income before depreciation and
amortization expense decreased $320,239, or approximately 25 percent, to
$960,722 for the six month period ended June 30, 1996 from $1,280,961 for the
similar 1995 period. Disregarding the effect of the Lake Geneva and Ripon
systems sale, operating income before depreciation and amortization increased
$30,349, or approximately 6 percent, and $40,632, or approximately 5 percent,
for the three and six months ended June 30, 1996 and 1995. These increases were
due to the increases in revenues and decreases in management fees and allocated
administrative costs from the General Partner exceeding the increases in
operating expenses.
Interest expense decreased $188,242, or approximately 80 percent, to
$47,698 for the three months ended June 30, 1996 from $235,940 for the
comparable period in 1995. Interest expense decreased $146,767, or
approximately 33 percent, to $300,656 for the six month period ended June 30,
1996 from $447,423 for the three month period ended June 30, 1995. These
decreases were primarily the result of lower outstanding balances on interest
bearing obligations. A portion of the proceeds from the sale of the Lake Geneva
and Ripon systems sale was used to repay a portion of the outstanding loan
balance.
The Partnership reported a gain on the sale of the Lake Geneva and Ripon
systems totaling $4,550,867.
The Partnership reported net income of $4,347,735 for the three months
ended June 30, 1996 compared to a net loss of $316,589 for the similar 1995
period. The Partnership reported net income of $4,006,053 for the six months
ended June 30, 1996 compared to a net loss of $762,685 for the similar 1995
period. The changes were primarily the result of the gain on the sale of the
Lake Geneva and Ripon systems.
10
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
Report on Form 8-K dated April 12, 1996 reported that on April
11, 1996, Jones Spacelink Income/Growth Fund 1-A, Ltd. (the
"Partnership"), a Colorado limited partnership, sold to Jones Cable
Holdings, Inc. ("JCH"), a wholly owned subsidiary of Jones Intercable,
Inc., the general partner of the Partnership, the cable television system
operating in and around Lake Geneva, Wisconsin (the "Lake Geneva System")
for a purchase price of $6,345,667, subject to normal closing
adjustments, and the cable television system operating in and around
Ripon, Wisconsin (the "Ripon System") for a purchase price of $3,712,667,
subject to normal closing adjustments.
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
BY: JONES INTERCABLE, INC.
General Partner
By: /S/Kevin P. Coyle
---------------------------------------------
Group Vice President/Finance
(Principal Financial Officer)
Dated: August 14, 1996
12